The economics Nobel transformed economic capital into symbolic capital inflating the discipline’s public power
Evidence
In a short paper, he indicated that we should stare intently at the Bank of Sweden as a major protagonist in the inception of the prize, and that the process needed to be understood in terms of the effects it was intended to produce: “this prize does not exist: and moreover, … this so-called ‘Nobel prize’ is an extraordinary case study in the successful transformation of economic capital into symbolic capital, a transformation which greatly inflates the symbolic power of the discipline of economics in the public mind.” — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 459
Categorization
- XREF: The ‘economic capital into symbolic capital’ move revisits Bourdieu’s capital-conversion framework from earlier reading on social/cultural capital transmission. — connects to: Free-market institutions converted technical economist Friedman into a political intellectual — Angus Burgin, The Great Persuasion: Reinventing Free…, 417; The Nobel economics prize was created to win public deference for central bank independence — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 476; The Nobel economics prize was created to manufacture science-like prestige, not to honor it — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 475 (+5 more)
Broader Connections
- The Nobel economics prize was created to manufacture science-like prestige, not to honor it
#corroborates(0.90) — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 475 - The Nobel economics prize was created to win public deference for central bank independence
#expands(0.85) — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 476 - The Economics Nobel originated as a central bank’s improvised prestige play.
#corroborates(0.80) — Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, 465